Social Security
Social Security’s Lump-Sum Payment Provision
Marcia Mantell, RMA®, NSSA®, in a post on thestreet.com, provides a bit of history associated with Social Security’s often misunderstood lump-sum benefit provision. Her post explains the 6-month lump-sum payout available to claimants electing to start their benefits at (or…
Taking a Look at Secure 2.0 and what the Provisions Mean to Some Seniors
The Secure 2.0 package signed into law kast December has several key provisions intended to aid seniors in the management of their retirement finances. One of the basic features is a delay, for those turning 72 this year, of the…
Claiming Benefits Early…Sometimes There’s a Good Reason
For those approaching the early age for Social Security retirement benefits, it can be a big decision, especially for anyone struggling to remain financially afloat. Waiting beyond the earliest available filing age, of course, results in a slightly higher check…
An Argument for Uncapping the Maximum Taxable Earnings
Social Security’s looming solvency problem is, as expected, creating a groundswell of attention publicly these days, as well as an increasing focus in the 118th Congress. As a result of this heightened interest, we’re seeing a growing number of articles…
“Leaked” Thoughts on Social Security Reform
The Motley Fool’s Keith Speights, in a post on their website, reports on a series of ideas reportedly being discussed by several lawmakers with respect to Social Security reform. First on his list is the controversial thought of changing the…
How an Ex-Spouse’s Work Record can Influence One’s Benefit Amount
The Social Security rules on spousal benefits in a divorce situation can seem a bit complex, but the basic premise is that divorced spouses can receive a benefit based on their ex-spouses’ work record. And if the ex-spouses’ work record…
Bipartisan Group Advocates for Language to Encourage Deferred Filing
In a letter to the Social Security Administration (SSA), a group of U.S. Senators is recommending several terminology changes aimed at promoting the advantages of waiting to claim retirement benefits. Specifically, the group is advocating for more descriptive labeling for…
The Question of Whether to File a Tax Return When You Have Social Security Benefits
We’re nearing the end of the 2023 tax season, and one of the frequent questions that arise in the minds of those who receive Social Security benefits revolves around the issue of whether filing a return is necessary. Depending on…
Ask Rusty – Cutting Social Security Will Make Me Lose My Home!
Dear Rusty: Politicians are talking about taking money from Social Security, but I need that money to support my daughter and pay for my home. I’m a widow, and my husband passed in 2017. I’ll lose my home if my…
The “Retire Early” Question, Again. Some Reasons on the pro side
The general question of when to file for Social Security benefits is, without question, one queries fielded most frequently by our staff here at the AMAC Foundation Social Security Advisory Service Staff. And our responses always start with the frustrating…